Nigeria’s Inflation Rate Rises To 15.70% In February 2022 -NBS

The latest report from the National Bureau of Statistics (NBS) shows that the nation’s inflation rate has increased from 15.60 percent recorded in January, 2022 to 15.70 percent in February 2022.

NBS said, the consumer price index, (CPI) which measures inflation increased to 15.70 percent on year-on-year basis in February 2022, showing a 0.16 percent rate higher.

This is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent. This means that the headline inflation rate slowed down in February when compared to the same month in the previous year.

The Bureau said, “increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased to 1.63 percent in February 2022, this is 0.16 percent rate higher than the rate recorded in January 2022 (1.47) percent.

“The percentage change in the average composite CPI for the twelve months period ending February 2022 over the average of the CPI for the previous twelve months period was 16.73 percent, showing 0.14 percent point from 16.87 percent recorded in January 2022.

“The urban inflation rate increased to 16.25 percent (year-on-year) in February 2022 from 17.92 percent recorded in February 2021, while the rural inflation rate increased to 15.18 percent in February 2022 from 16.77 percent in February 2021”, NBS said.

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